EMU-Sallie Mae partnership offers nearly $2.7 million in savings on loans for students, parents
YPSILANTI – Eastern Michigan University students and their parents can save up to $2.7 million on Federal Stafford Loans next winter semester, thanks to a partnership between the University and Sallie Mae, the nation’s number one paying-for-college company.
The customized program, called iReward, which takes effect with new loans for the 2005-06 academic year, offers a variety of money-saving benefits to students and parents during school and after graduation.
Undergraduate students who have loans disbursed on or after July 1, 2005, will receive a 3-percent credit to the original amount borrowed and are eligible for a 5-percent rebate once they are in repayment.
“This is great news for our students and their parents,” said Bernice Lindke, assistant vice president for enrollment services. “For instance, an eligible undergraduate who borrows $23,000, the maximum allowed for undergraduate studies, may receive a total of $1,840 in credits once they have successfully repaid a portion of the loan.”
Graduate students will receive their choice of an account credit or cash back equal to 3 percent of the original amount borrowed, said Lindke. Parents who borrow a PLUS (Parent Loan for Undergraduate Students) loan will receive a credit equal to 3 percent of the original principal balance of the loan. They are also eligible to receive excellent repayment benefits, said Lindke.
EMU’s total loan volume next year is estimated at $90 million.
“These are great benefits for EMU students. They’ll save our students money up front and reward them for responsible repayment of their loans after graduation,” said Courtney McAnuff, vice president for enrollment services at EMU. “The Sallie Mae package is extremely competitive and it allows us to offer our families an attractive financing package to help them meet the cost of education.”
“We are pleased to build on our long-standing relationship with Eastern Michigan to bring the best financing solutions to its students and parents at the lowest cost available,” said Lisa Mitchell, president, Sallie Mae higher education sales for the Central region.
Eastern Michigan University is a public, comprehensive university that offers programs in the arts, sciences and professions. EMU prepares students with the intellectual skills and practical experiences to succeed in their careers and lives, and to be better citizens.
SLM Corporation (NYSE:SLM), commonly known as Sallie Mae, is the nation’s No. 1 paying-for-college company, managing more than $107 billion in student loans for more than 7 million borrowers. Sallie Mae was originally created in 1972 as a government-sponsored entity (GSE) and terminated all ties to the federal government in 2004. The company remains the country’s largest originator of federally insured student loans. Through its specialized subsidiaries and divisions, Sallie Mae also provides debt management services as well as business and technical products to a range of business clients, including colleges, universities and loan guarantors. More information is available at www.salliemae.com. SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.
Eastern Michigan University is a public, comprehensive university that offers programs in the arts, sciences and professions. EMU prepares students with the intellectual skills and practical experiences to succeed in their career and lives, and to be better citizens.
Editor's Note: Looking for an expert source for a story? Check out EMU's Eastern Experts online at www.emich.edu/univcomm/easternexperts.